Questions and Answers
What is the cash discount amount for the goods purchased at a list price of Rs. 50,000 with a cash discount of 5%?
How much was sold to Kamal after applying a 20% trade discount on goods worth Rs. 5,000?
What is the total cash amount paid for the goods purchased from Sudhir worth Rs. 6,000 after a 20% trade discount and 2.5% cash discount?
What portion of the total sale amount from Sanat was paid by cheque?
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How much did Shyam receive from Ram as a part payment towards Rs. 5,000?
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What is the total amount of cash given to Ajay as part payment towards Rs. 2,000?
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What is the trade discount on the goods sold to Kamal worth Rs. 5,000?
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What is the total journal entry amount after all transactions are recorded?
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How much was the cash purchase made from Kishor, including the trade and cash discounts?
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Study Notes
Daily Journal Transactions
- Shyam purchased goods from Mohan worth Rs. 50,000 at a 10% trade discount and 5% cash discount, resulting in a cash discount amount of Rs. 2,250.
Journal Entries for Sales and Purchases
- Sale to Kamal: Goods worth Rs. 5,000 sold on credit at 20% trade discount and a 5% cash discount.
- Purchase from Kishor: Rs. 2,000 worth of goods bought cash, with 10% trade discount and 2% cash discount.
- Sale to Sanat: Goods sold amounting to Rs. 4,000 with a 15% trade discount and a 5% cash discount; 50% of the net amount paid by cheque.
- Purchase from Sudhir: Goods valued at Rs. 6,000 bought under 20% trade discount and 2.5% cash discount; total due paid in cash.
Total Journal Entry
- The total amount for the journal entries mentioned is Rs. 14,000.
Additional Transactions
- From Ram: Rs. 5,000 was to be received; a total of Rs. 4,700 was settled in full.
- Payment to Ajay: In a settlement of Rs. 2,000, Rs. 1,800 was paid.
- Neha: Received goods valued at Rs. 10,000 at 20% trade discount and 10% cash discount.
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Description
Test your knowledge of accounting journal entries with this quiz based on daily transactions. You'll tackle various scenarios involving trade and cash discounts, as well as sales and purchases. Perfect for students in accounting classes or anyone looking to refresh their skills.
